Estimates prove nearly perfect, state agencies must control spending to match
Concord, NH - Senate President Chuck Morse and Senate Ways and Means Chairman Bob Odell released the following statements today regarding the Fiscal Year 2014 revenues.
Sen. Morse said: “The strong returns from the Business Enterprise Tax are a sign that New Hampshire businesses are creating jobs, and the Meals and Rooms Tax over performing for the month suggest the state’s summer tourism season is off to a strong start. Both represent very good indicators for our recovering economy and they have helped to ensure revenues for Fiscal Year 2014 have come in almost exactly as estimated in the budget.
“With revenues on plan, it is imperative that state agencies are meeting their spending and lapse figures to ensure the budget remains balanced and spending does not exceed the revenues we’ve collected. To that end, I am requesting that Fiscal Committee Chairman Wallner schedule a spending update from the Governor’s office for our next meeting to give us the opportunity to better evaluate the state’s financial picture heading into the second year of the biennium.”
Sen. Odell said: “Revenues for Fiscal Year 2014 were nearly identical to the conservative and responsible estimates developed by the Senate Ways and Means Committee and later adopted by the budget conferees.
“The accuracy of our revenue estimates for the last year provides further support for the careful process used by the Senate Ways and Means Committee in crafting honest estimates. By taking politics out of the equation and focusing on revenues before spending, I am proud that our committee has time and again been successful in laying the groundwork for sound and responsible state budgets.”